Competition-ruthless, unforgiving, to-the-death competition-is a crucial feature of capitalism.

The total dividend income declared in 1995 by the bottom 9.7 million Canadian tax-filers (47% of all those submitting tax returns) was $310 million. The estimated dividend income received by the Thomson family in 1995 from its 72% ownership share of the Thomson Corporation and its 22% ownership share of the Hudson's Bay Company was $310 million.

One of the glaring failures of capitalism is the continuing widespread existence of poverty - often extreme poverty. Even in the advanced economies, many millions of people endure terrible economic and social deprivation, despite the incredible wealth all around them.

Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist.

Try this: say the words "global, global, global" aloud several times, as fast as you can. You'll find yourself sounding like a turkey ("gobble, gobble, gobble").

Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.

This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.